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Credit crunch and repossessions.

Eddie Mair | 11:39 UK time, Friday, 8 August 2008

Figures out from the Council of Mortgage Lenders show that in the first half of of the year 18,900 people had their home repossessed, up a third on the same period last year. That compares to 27,100 repossessed homes in 2007 and 17,000 in 2006

Tonight we'll talk about the situation in the UK, and hear from the US where, just like here, it seems everything is getting more expensive, from the cost of housing and child care, to food and fuel. At the same time, wages have stagnated and jobs losses are becoming more widespread.

Our North America business correspondent Greg Wood visited one family to find out how they're coping:

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And here is Cathy and her neighbourhood:






  • 1. At 12:19pm on 08 Aug 2008, Thunderbird wrote:

    I cannot believe you taken Daves thread about his wheelie bin off, he loves that bin.

    Also I had such a funny last-word as well, typical.

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  • 2. At 12:25pm on 08 Aug 2008, Ed Iglehart wrote:

    You gotta give credit where it's due! It was the War (WWII) what finally ended the Great Depression, and it was the War (Afghan/Iraq) what stopped (or temporarily postponed) the impending depression in 2002/3.

    So who can we go to war against now?


    P.S. Just what we need to ward off the Depression:

    Spend a bunch of newly-minted money on some more stuff that blows up!

    ""WASHINGTON ? Defense Secretary Robert M. Gates will endorse a $20 billion plan to substantially increase the size of Afghanistan's army and will also restructure the military command of American and NATO forces in response to the growing Taliban threat, senior Pentagon and military officials said Thursday."

    Sounds like he's been listening to Obama?

    "Taken together, the two decisions are an acknowledgment of shortcomings that continue to hinder NATO- and American-led operations in Afghanistan. With the war in Iraq still an obstacle to any immediate American troop increase in Afghanistan, the plan was described by officials as an attempt to increase allied and Afghan capabilities in advance of deploying the additional American brigades that Mr. Gates and his commanders agree are necessary"

    Yup! But it would be much cheaper to just buy the opium crop....

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  • 3. At 12:30pm on 08 Aug 2008, David_McNickle wrote:

    Greg Wood visited one family in the US, in Connecticut (Not exactly Detroit.). Well, that settles it.

    Tbird 1, As John Major said, "I'm still here." Or there, in my case. I just posted there.

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  • 4. At 12:41pm on 08 Aug 2008, Ed Iglehart wrote:


    "it seems everything is getting more expensive, from the cost of housing and child care..."
    Actually, the cost of housing is dropping...


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  • 5. At 12:45pm on 08 Aug 2008, David_McNickle wrote:

    So, it's hot dogs again tonight in Connecticut?

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  • 6. At 12:47pm on 08 Aug 2008, Thunderbird wrote:

    Dave (5)

    Is that a euphemism

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  • 7. At 12:49pm on 08 Aug 2008, David_McNickle wrote:

    Tbird 6, No, it's irony. But, it is a weiner dog by the looks of it.

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  • 8. At 3:53pm on 08 Aug 2008, DI_Wyman wrote:

    As they say in Korea, you can have your dog and eat it.

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  • 9. At 4:08pm on 08 Aug 2008, Big Sister wrote:

    Another good news day, eh, Eddie?

    And on You and Yours they were saying how food manufacturers are reducing the size of their products rather than reducing their prices, thereby hoping people won't notice.

    Well, if they'd been expecting their KitKats to last them for two weeks' packed lunches, I rather think they notice that they were short on the last Friday, wouldn't you?

    Personally, I'd prefer it if manufacturers reduced their prices and offered their portions in more sensible sizes rather than thinking everyone lives in a six-member family, or whatever it is that drives producers to package things in such ridiculously large amounts. And that's without the BOGOF phenomena!

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  • 10. At 5:01pm on 08 Aug 2008, David_McNickle wrote:

    DI_W 8, You can halve your cake and eat it.

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  • 11. At 7:11pm on 08 Aug 2008, EagleRock wrote:

    Can some body please put me in touch with the man on todays program that had 100 thousand equity and 45 thousand outstanding. House to be repossesed on 13th. for lack of 3 thousand interest payment. Think was Northern Rock...
    Thank you

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  • 12. At 7:22pm on 08 Aug 2008, laptoplen wrote:

    Ed@2. Wars and expenditure on arms does give the economy a boost but these wars are low intensity wars that do not have much impact on the economies of the size of US or UK. Interestingly I always wondered why Govt's never spent on infrastructure but on weapons to bolster their economies-could it be that weapons give them 'street cred' but who will thank them for improved transport? Also the mistaken belief that weapons development will result in advancement in technology. There might even be some truth in that as humans are at their best developing weapons.

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  • 13. At 7:57pm on 08 Aug 2008, Ed Iglehart wrote:


    "these wars are low intensity wars that do not have much impact on the economies of the size of US or UK."

    Look at the counter here, and tell me about "low intensity".


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  • 14. At 8:09pm on 08 Aug 2008, laptoplen wrote:

    Ed@13. Interesting but the the 'intensity' I am talking about is that which gets factories working and producing the hardware of war-making bombs, bullets, planes and tanks. How many planes downed, how many tanks destroyed or warships sunk in this conflict. You probably could count them on your hands. Friendly fire might have been resposnisble for more destruction to hardware than enemy action.

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  • 15. At 02:39am on 09 Aug 2008, Ed Iglehart wrote:


    Much of the reason we took eighteen months to go on from Afghanistan to Iraq was that we had used up all the cruise missiles, and the reorder period is eighteen months... They aren't re-usable. Nor is all that expensive rocketry on the fighter wings and in the helicopter cannons, and, and....

    Salaam, etc.

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  • 16. At 09:20am on 09 Aug 2008, Big Sister wrote:

    Eagle Rock: You'll need to contact the programme by email. The official address is:


    I'd love to think that you are extending the man a helping hand!

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  • 17. At 11:40am on 09 Aug 2008, EagleRock wrote:

    BigSis@16. Encouraged by your words... Thanks. I emailed last night via sites contact page and have emailed [from my pc] this a.m. with copy of their acknowledgement email to last nights 'contact us' web page form.
    What can I say? is not area I am familiar with, this 'getting in touch' stuff.
    Massively frustrating this 'wanting' to help yet not have clue how to progress beyond the usual 'wanting' phase [which I'd hazard a guess - has happened to us all], yes?
    For me, is a no brainer once thought about it and as such, I'd actually like to make that leap to next phase of 'helping'.

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  • 18. At 11:55am on 09 Aug 2008, Big Sister wrote:

    EagleRock: Their researcher will have the contact details from the interview (it may well be somebody who contacted them direct, as it's a story on the Blog).

    The PM folk are generally very good at following things through. Eddie may even spot this exchange and try to follow up for himself. He's like that. ;o)

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  • 19. At 3:39pm on 09 Aug 2008, Ed Iglehart wrote:

    Some Remarkable prescience (check the date)
    and, brought up to date, on topic.

    Salaam, etc.

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  • 20. At 11:00am on 12 Aug 2008, EagleRock wrote:

    Just had to append yet another useless blog comment and say... no info forthcoming from "any" source.

    This man is [presumably] to be added to repro stats on Wed. Yep... just another number.

    PM: thanks - for nothing.

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